28.1 C
Delhi
Thursday, September 29, 2022

Wife of US Supreme Court Justice Thomas Appears for Interview With Jan. 6 Panel

https://ift.tt/YWx7XzP activist Virginia "Ginni" Thomas, the wife...

US, Pacific Island Leaders Reach Partnership Deal at Historic Summit

https://ift.tt/smH5fdj United States and Pacific leaders have...

Fight Over Dead Reporter’s Sources Stalls Before Vegas Judge

https://ift.tt/9Njovn1 fight to block government access to...

Indian rupee leads Asian currencies’ decline

The drop against the US dollar comes after Fed Chair Jerome Powell struck a hawkish tone on fighting inflation in a key speech on Friday

India’s currency, the rupee, slumped to a record low on Monday after US Federal Reserve Chair Jerome Powell articulated a firm commitment to battling inflation in a speech at an annual central bankers’ conference. 

The currency fell to new low of 80.11 against the US dollar, compared to Friday’s close of 79.87.  

Powell’s speech on Friday in Jackson Hole signaled that the Fed’s restrictive policy would be kept for longer in order to bring down the raging inflation. He added that reducing price growth would likely require a sustained period of below-trend growth.  

The rupee had hit a previous all-time low of 80.06 in July. The US dollar is up over 7% against the Indian currency so far this year.  

Other Asian currencies also weakened against the greenback in the wake of the Fed chairman’s speech. The South Korean won dropped 1.3%, Thai baht declined by 0.8%, Japanese yen lost 0.64%, Chinese yuan and Taiwan dollar both fell by 0.6%, Malaysian ringgit plunged by 0.5%, while the Indonesian rupiah and the Singapore dollar slumped 0.43% and 0.34%, respectively. 


READ MORE: US makes aggressive move to tackle inflation

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six major currencies, was trading 0.51% higher on Monday.

For more stories on economy & finance visit RT’s business section

https://ift.tt/H1EDvTC 29, 2022 at 05:57PM
from RT – Daily news

Support Us

Secured by Paypal

Related Stories

Check out other tags:

Most Popular Articles